Mylan Mistimes Its Overseas Adventure

All hail M&A. Shares in Mylan, the U.S. specialty pharmaceutical company, jumped on reports it was eyeing a purchase of Meda AB. It held onto most gains even after the Swedish company said it had rejected a proposal.

Mylan's interest in Meda is understandable—it could join the list of U.S. pharmaceutical companies heading overseas to reduce their tax bill. Its timing, however, is debatable.